Responsible Data Use will be Key to Brand Trust : The Economist

10:14 AM, 9 May 2014

The future of successful brands is bonding with customers over data safety, according to a new article from the Economist group.

A recent survey found that 78 percent of customers in the UK are distrustful of the ways companies use their personal data and 82 percent feel they have little control over how it is used. Despite this, the article predicts that the future will likely see consumers coming to accept that their data will be used and therefore the decision over which brands they choose to do business with will be of primary importance.

The article argues that, because technology that gathers personal data is evolving faster than legislation, brands need to plan ahead and start working to build up Trust Capital by proving that they will respect and protect their customers data. This is the relationship that will have the most significant impact on a companys corporate reputation. Eventually, the more consumers trust a company with their data, the more likely they are to be loyal customers.

Read the full article on responsible brands on the Economist group website here